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IForex Market Trading Signals and News – 01 April 2016

Forex – Dollar under pressure, on track for biggest quarterly fall in five years

Forex -Dollar slips lower ahead of U.S. jobs data

Forex-Dollar on the defensive as Fed’s dovish message hits home

EUR/USD
The euro rose to fresh seven-week highs against the weaker dollar on Thursday after data showing that the annual rate of inflation in the euro area fell again in March, but at a slower pace than in the previous month.EUR/USD hit highs of 1.1370, the most since February 11, up from around 1.1355 ahead of the data.The annual rate of consumer inflation fell 0.1% in March Eurostat said, after an annualized 0.2% fall in February. The European Central Bank targets inflation of close to, but just below 2%. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was close to five-month lows at 94.64.The greenback remained on the defensive as investors pushed back expectations for a near-term rate hike by the Federal Reserve in the wake of dovish comments by Fed Chair Janet Yellen.

GBP/USD
Sterling edged up against the dollar on Thursday after data showing that the U.K. economy grew at a faster than expected pace in the final quarter of 2015, but the nation’s current account deficit rose to a record high.GBP/USD touched highs of 1.4396, up from around 1.4359 ahead of the data.The Office of National Statistics said gross domestic product rose by 0.6% in the three months to December, up from last month’s estimate of 0.5% growth. Economists had expected no change.The U.K. economy expanded 2.1% on a year-over-year basis, better than the initial estimate of 1.9%. Again, economists had expected an unchanged reading.The dominant service sector grew by 0.8% the ONS said. Industrial production shrank by 0.4%, with manufacturing expanding just 0.1%.